Author: Marketforces Africa

Fidelity Bank, FCMB Drive Intraday Loss in Equities Market Banking stocks, led by Fidelity Bank and FCMB, among other early decliners, are currently driving intraday loss in the Nigerian Exchange (NGX) trading platform on Thursday. The Nigerian Exchange All-Share Index is moving south at noon as investors are taking profits in some listed companies that recently saw price appreciation. Price movement in Oando has reversed, and GTCO has lost 66 basis points of its market value a day after 30 million of the orange-branded financial services company was crossed between investors. Fidelity Bank and FCMB Plc stock have gone south…

Nigeria to Launch 4 Satellites for Earth Observation, Security Chief Uche Nnaji, Minister of Innovation, Science and Technology, on Wednesday said the Federal Executive Council (FEC) has approved the launch of four satellites to aid Earth observation and the fight against insecurity in the country. Nnaji said this at the 22nd National Council on Innovation, Science and Technology (NCIST) in Abuja. The meeting which held from May 12 to May 14, had as its theme: “Research, Develop, Innovate and Commercialise: A Cycle for National Prosperity.” The minister said that the satellites consisted of three Earth Observation satellites and one Radar…

IEA Upgrades Oil Demand Forecast for 2025 The International Energy Agency (IEA) on Thursday raised its global oil demand growth forecast for 2025 by 20,000 barrels per day (bpd) compared to last month’s assessment. Global oil demand is now estimated to increase by 741,000 bpd to 103.9 million bpd in 2025, according to the IEA’s latest oil market report. The revision comes “as an upwardly revised GDP growth forecast and lower oil prices were counterbalanced by weaker-than-expected non-OECD delivery data, especially in India,” the agency said. Growth in 2026 is expected to continue at a similar pace, rising by 760,000…

Nigeria US Dollar Bonds Rally, Yield Falls Below 10% The average yield fell below 10% as Nigeria’s US dollar bonds rallied in the international market, thanks to foreign portfolio investors’ improved sentiment on the sovereign asset trading activities. The renewed demand for the Eurobond papers reversed the previous trend where offshore sell-down interest—a trend that has become a norm across African papers—was part of portfolio rebalancing. Nigeria’s sovereign curve experienced increased demand despite pressures on oil-linked issuers like Angola. African Eurobonds mixed amid broad-based profit taking across sub-Saharan and North African curves, with sell orders dominating total flows. Investor demand…

Seplat Production, Reserves Double Post Mobil Acquisition—Chairman Seplat Energy Plc says its acquisition of Mobil Producing Nigeria Unlimited (MPNU) in 2024 has doubled the company’s oil and gas production and also expanded its reserves. Its chairman, Mr. Udoma Udo Udoma, during the company’s 12th Annual General Meeting (AGM) in Lagos on Wednesday, said this marked a significant milestone in the company’s growth and expansion in the oil and gas sector. Udoma reaffirmed the company’s commitment to further invest in production growth to ultimately benefit stakeholders. He said, “The acquired assets have a world-class history as some of Nigeria’s most important…

MTNN Slides as Stockbroker Matched 10m Buy, Sell Order MTN Nigeria Plc.’s market value declined slightly in the equities market amidst unusual trade volume driven by block deals in the telecommunication company’s shares. According to data obtained from the Nigerian Exchange trading platform, MTN Nigeria’s share price fell to N270 as 20.219 million units valued at N5.589 billion were traded on Wednesday. NGX records revealed that MTN Nigeria topped the chart in terms of total value in the equities market as stockbrokers crossed 10 million units at a price of N279 between buyer and seller. The block trade in MTN…

GTCO Slides to N2.341trn amidst Substantial Block Trades The market value of GTCO Plc slid in the stock market amidst huge block trades with foreign interests dominating transactions in the orange-branded financial services company. According to trading data obtained from the Nigerian Exchange, GTCO’s share price declined slightly to N68.6 as 53.274 million units valued at N3.675 billion were traded in the market. Out of this, 30 million shares at a unit price of N69 were crossed by stockbrokers between willing buyers and a willing sellers in a deal outside the Nigerian Exchange trading platform. Foreign portfolio investors have continued…

Oil Prices Decline Amidst Weak Demand Outlook Oil prices declined amidst a weak demand outlook triggered by rising crude inventories in the United States and uncertainties in Chinese imports. The US crude inventories tempered market optimism fueled by a temporary easing of trade tensions between the United States and China. International benchmark Brent crude decreased by around 0.13%, trading at $66.16 per barrel.  The US benchmark West Texas Intermediate decreased by about 0.2%, settling at $63.09 per barrel, compared to its prior session close of $63.22. Both benchmarks fell after data from the American Petroleum Institute (API) showed US crude…

Nigeria Attracts $8bn Deepwater, Gas Projects Investment The presidency says Nigeria attracts over 8 billion dollars, or about N12.8 trillion, in investments in deepwater projects and gas Final Investment Decisions (FIDs) in one year. Olu Verheijen, Special Adviser on Energy to President Bola Tinubu, disclosed this on Wednesday at the 2025 Africa CEO Forum held in Abidjan, Côte d’Ivoire. A statement on the address of Verheijen at the event was made available to the News Agency in Abuja by Mr Senan Murray, the Team Lead, Communications, in the Office of the Special Adviser. According to Murray, the special advisor told…

Top 10 Stock Pick for May –CSL Stockbrokers Equities analysts at CSL Stockbrokers’ top rated stocks for the month of May have just been released. The investment firm has estimated target prices for each top stock across sectors, guiding investors to take positions due to expected upside potential. So far, the Nigerian Exchange has recorded significant capital gain as bargain-hunting activities improved sharply. CSL Stockbrokers highlighted that from a low of 103,852 points on April 16, 2025, the NGX All-Share Index has rebounded strongly, surpassing the 106,000-point mark. “This upward movement reinforces the prevailing positive bias that has supported the…